The higher the net worth, the greater the responsibility, Foreign tycoons settled in Singapore show their love and integrate into society

03 Jun 2023

Commenting on high net-worth families that relocate to Singapore and the impact on Singaporeans, SMU Professor Emeritus of Finance (Practice) and Senior Advisor to the SMU Business Families Institute Annie Koh noted that for newly established family offices and high-net-worth individuals, their priority is to resolve housing, education, work and healthcare issues, and that it takes time and a process for them to integrate into the local community. She explained that Singapore is a small country with limited housing resources, and the COVID-19 pandemic has slowed down construction projects, exacerbating the shortage of housing. As a result, there has been a rapid surge in housing prices, leading to increased pressure on the middle-class Singaporeans. On how recently relocated family offices can contribute to Singapore, Prof Koh expects high-end individuals such as tycoons from the technology sector, to bring not only capital but also the latest technology to Singapore. This would enhance traditional industries and assist in improving Singapore's ecosystem for technological innovation. Prof Koh believes that high-net-worth individuals can contribute to Singapore through soft capital and social capital, thereby assisting in the development of Singapore's human capital.

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